Whether you are looking to save more money for the future, pay off school debt, or simply put aside money for something new, a money saving challenge could help! A money saving challenge requires you to take action on a consistent basis until you have achieved your goal. They are designed to be simple but effective. Money saving challenges can help and be successful because they are specific, realistic, you can set a time frame and you can contribute to each step along the way. They can also be a fun way to increase your savings and allow you to have some creativity with it. Here are 5 money saving challenge ideas you could try:
- Save your change challenge. Pay for items with cash and instead of putting your change toward your next purchase, save it. Always break a new bill and save your change.
- 5 Dollar challenge. Every time you get a 5-dollar bill, save it. Try this one for a year and see how much you save.
- No spending challenge. Try not spending any money for a day, or a week or a month. You can set the rules on this one, but it is limited by the day(s). You could even pick a day each week to not spend any money.
- 52-week challenge. This one is popular and involves saving a dollar the first week and increasing by one dollar every week after.
- Holiday savings challenge. Set a goal to save a certain amount of money each week until the holidays and you have reached the amount of savings you desire.
Try any of these challenges and you may be surprised at how much you can save!
Sources:
https://www.thesimpledollar.com/thoughts-on-the-5-challenge-the-365-day-challenge-and-other-financial-challenges/
https://www.doughroller.net/personal-finance/savings-challenges-you-can-use-to-save-more-in-2018/
